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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #68,761
  • Jul 15, 2010 9:37am Jul 15, 2010 9:37am
Quoting supremeChaos
Hey Jonnyisfound,
it happens to all of us.
just laugh back at it lol
lol. laughing and crying, there is a fine line
  • #68,762
  • Jul 15, 2010 9:41am Jul 15, 2010 9:41am
Jonnyisfound,
like several here, i cried many tears.
maybe it's your turn now
now, i just laugh at my (continued) dumb mistakes, lol.
  • #68,763
  • Jul 15, 2010 9:49am Jul 15, 2010 9:49am
Quoting supremeChaos
Jonnyisfound,
like several here, i cried many tears.
maybe it's your turn now
now, i just laugh at my (continued) dumb mistakes, lol.
Well I used to dream of the day that I would cry due to missed opportunities rather than lost money.
This in itself is an achievement
  • #68,764
  • Jul 15, 2010 9:52am Jul 15, 2010 9:52am

every little improvement is a blessing/achievement
  • #68,765
  • Jul 15, 2010 10:02am Jul 15, 2010 10:02am
Quoting Hitchhiker
This is my first post so hello to all. Just found FX 2-3 months ago and it's got me gripped. Pottering along with demo trading ATM and hoping to get a handle on all the info on this brilliant thread.

This pair seems at a low point with some recent activity and compression of swings on the daily. Anyone agree this appears ripe for a breakout?. Confluence of 50 fib and resistance at 1.472. Any comments would be welcome.
200+pip gain today. Is the daily showing a symmetrical triangle?
  • #68,766
  • Jul 15, 2010 10:17am Jul 15, 2010 10:17am
Quoting Jonnyislost
Well I used to dream of the day that I would cry due to missed opportunities rather than lost money.
This in itself is an achievement
  • #68,767
  • Jul 15, 2010 10:26am Jul 15, 2010 10:26am
eur/cad on d1
i entered at the break of the buob but got stopped out at be.
nearly 300 easy pips on pure price action.
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meine augen sind die sterne
  • #68,768
  • Jul 15, 2010 10:31am Jul 15, 2010 10:31am
Quoting aserbfx
eur/cad on d1
i entered at the break of the buob but got stopped out at be.
nearly 300 easy pips on pure price action.
If I would have entered would also be at BE, now it looks pretty but that is a zero trade at best...
(for me)
  • #68,769
  • Jul 15, 2010 10:44am Jul 15, 2010 10:44am
Pls i need someone to explain to me what to do about my emotion.
I got positive on a trade (EU) then move my SL to BE+2, then i look again
for some more minutes and i saw its coming down, i closed the trade, only for it to change and move in my direction. Infact i nearly slap myself.
what is your suggestion pls. Will i be able to swing trade with this kind of
emotion? Thanks
  • #68,770
  • Jul 15, 2010 10:46am Jul 15, 2010 10:46am
Quoting kdee1
Pls i need someone to explain to me what to do about my emotion.
I got positive on a trade (EU) then move my SL to BE+2, then i look again
for some more minutes and i saw its coming down, i closed the trade, only for it to change and move in my direction. Infact i nearly slap myself.
what is your suggestion pls. Will i be able to swing trade with this kind of
emotion? Thanks
Hey Kdee

It is simply part of the learning process, you can't ever take the emotion out of it but you can learn to deal with it. If you have a plan follow your plan, simply put you have to make the decision to either let the emotion take over or not The more you don't let it take over the easier it gets to not let those emotions get to you. This is why demo is so important so you can build your confidence which takes time. There are no ways around it.

Don't worry though always another trade. Don't stress over this now or you will probably let it play in your head in the next trade too

Mike
  • #68,771
  • Jul 15, 2010 10:48am Jul 15, 2010 10:48am
Quoting mbqb11
yeah they work on all tiemframes like any other PA. But like everything I just get extra conservative and find them easiest to handle on the higher timeframes specifically. B/c the level becomes that much more important. More rare of course, but they happen alright.

Hope all is well Ben

Mike
Here is an update on this trade I posted yesterday. It is approaching the 4R/8% profit right now and I do not remember I ever or at least for many many months had such a runner. I must admit I am starting to get a bit annoyed looking at it and not sure about re-evulating my trade plan at this point as it now worth like almost 2 trading months for me. I am high win rate trader and do not have such experience with these type of trades and RR runners as I said lol.

My original stop was where the short red line is. From my bit of experience when these break they never look back before they run. Now at BE and my plan was to trail on the 3H...but now I am not sure I can be fine with it if price shoots up and I miss all this profit...

damn decisions!
Quoting mbqb11
Hope all is well Ben
Yea all is great thanks brother. Started working and have a lot of time doing things but I you have no idea how I miss that freaking school lol
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  • #68,772
  • Jul 15, 2010 10:56am Jul 15, 2010 10:56am
Quoting mbqb11
Hey Kdee

It is simply part of the learning process, you can't ever take the emotion out of it but you can learn to deal with it. If you have a plan follow your plan, simply put you have to make the decision to either let the emotion take over or not The more you don't let it take over the easier it gets to not let those emotions get to you. This is why demo is so important so you can build your confidence which takes time. There are no ways around it.

Don't worry though always another trade. Don't stress over this now or you will probably let...
Thank you for the kind advice. I think i should have a well spell out plan now and never to let my emotion take control. Thanks so much.
  • #68,773
  • Jul 15, 2010 10:57am Jul 15, 2010 10:57am
Quoting benji533
Here is an update on this trade I posted yesterday. It is approaching the 4R/8% profit right now and I do not remember I ever or at least for many many months had such a runner. I must admit I am starting to get a bit annoyed looking at it and not sure about re-evulating my trade plan at this point as it now worth like almost 2 trading months for me. I am high win rate trader and do not have such experience with these type of trades and RR runners as I said lol.

My original stop was where the short red line is. From my bit of experience when these...
nice trade brother I still miss college too and I am 4 years out LOL
  • #68,774
  • Jul 15, 2010 11:49am Jul 15, 2010 11:49am
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Sorry for the newbie question. I looked through many posts and did not see an answer.

Are most of you using bars aligned on the same "day close" hour? If so, what hour do you use for day close? If not, doesn't that matter a lot? Someone posted a BEOB yesterday. It looked beautiful. I looked at my charts and the pattern was not there at all. My chart tool is using NY close as day close.

I see brokers using anything from GMT-4 to GMT+3 and I'm sure there are others. Isn't a price action setup diluted if only a subset of traders see the setup (since setups can be self reinforcing)? Seems like you'd want to use "the most common" bar close, if there is such a thing.

Thanks so much for all your teachings, can't wait to learn more.
  • #68,775
  • Jul 15, 2010 12:13pm Jul 15, 2010 12:13pm
Quoting jdl
Sorry for the newbie question. I looked through many posts and did not see an answer.

Are most of you using bars aligned on the same "day close" hour? If so, what hour do you use for day close? If not, doesn't that matter a lot? Someone posted a BEOB yesterday. It looked beautiful. I looked at my charts and the pattern was not there at all. My chart tool is using NY close as day close.

I see brokers using anything from GMT-4 to GMT+3 and I'm sure there are others. Isn't a price action setup diluted if only a subset of traders see the setup...
This is a question I raised a few weeks ago.
Clearly some of the candles on the charts will appear differently in different time zones. Plain and simple they will be different. Plain and simple some of the formations seen in the USA will not be there in Europe - (and vice versa)

A lot of chart analysis is trader psychology. Chart setups form and traders act on these. Most of us here take a trade because of the chart.
So if the charts look different we are getting different information. Some of the chart signs posted here I do not see on my charts because they are not there.

The view was you use what you have. A++ trades will appear as A++ trades where ever you might be in the world.
Plus as a newbie you should be trading daily and weekly charts so the odd hour or two does not matter.
  • #68,776
  • Jul 15, 2010 12:42pm Jul 15, 2010 12:42pm
Quoting jdl
Sorry for the newbie question. I looked through many posts and did not see an answer.

Are most of you using bars aligned on the same "day close" hour? If so, what hour do you use for day close? If not, doesn't that matter a lot? Someone posted a BEOB yesterday. It looked beautiful. I looked at my charts and the pattern was not there at all. My chart tool is using NY close as day close.

I see brokers using anything from GMT-4 to GMT+3 and I'm sure there are others. Isn't a price action setup diluted if only a subset of traders see the setup...
Hi jdl,

I'm not a regular poster on this thread but I do follow along as it's full of quality stuff!

In my experience things like this seem better the closer they are to GMT. I've found in particular GMT based pivots seem to work better.

However, I believe that the general J16 way is to trade what you see on your charts. And from what I have seen that seems to work out just fine!

Regards,

Dan
  • #68,777
  • Jul 15, 2010 12:57pm Jul 15, 2010 12:57pm
lots of pb on h4 charts... quick kill?
btw wtf happened to usdcad today? ok it was bounce from trendline..but correlation?!
  • #68,778
  • Jul 15, 2010 12:59pm Jul 15, 2010 12:59pm
eur/aud H4 - pinbar.
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meine augen sind die sterne
  • #68,779
  • Jul 15, 2010 1:07pm Jul 15, 2010 1:07pm
usdchf weekly pb is forming .. nxt week should we go buy? wait n see..
  • #68,780
  • Jul 15, 2010 1:10pm Jul 15, 2010 1:10pm
ur opinion: nzdjpy h4 pb BUT !! on daily showing bearish pa.. i shorted for 50pips today.. wld consider short again..
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